Recorded net income of $15 million ($0.12 per diluted share) for the
June 2014 quarter versus $40 million ($0.33 per diluted share) for the
June 2013 quarter

Adjusted net income per diluted share of $0.51 for the June 2014
quarter compared to $0.35 in the June 2013 quarter

“In the June 2014 quarter we reported record sales for any quarterly
period in the Company’s history, in the face of weak packaged food
demand,” said Jon Rich, Chairman and CEO of Berry Plastics. “We also
matched our Operating EBITDA record for any quarterly period of $212
million.”

June 2014 Quarter ResultsFor the June 2014 quarter, the
Company’s net sales increased by 6 percent to $1,298 million from $1,221
million in the June 2013 quarter. The year-over-year increase was
primarily attributed to increased selling prices due to higher material
costs along with sales from businesses we acquired in the last 12 months.

Quarterly Period Ended (Unaudited)

Net sales (in millions)

June 28, 2014

June 29, 2013

$ Change

% Change

Rigid Open Top

$

303

$

312

$

(9

)

(3

)%

Rigid Closed Top

381

370

11

3

%

Rigid Packaging.

684

682

2

-

%

Engineered Materials

371

351

20

6

%

Flexible Packaging

243

188

55

29

%

Total net sales

$

1,298

$

1,221

$

77

6

%

June 2014 Fiscal YTD ResultsFor June 2014 Fiscal YTD, the
Company’s net sales increased by 6 percent to $3,648 million as compared
to $3,443 million for the same period of fiscal 2013. The increase was
primarily attributed to increased selling prices due to higher material
costs along with sales from businesses we acquired in the last 12 months.

Three Quarterly Periods Ended (Unaudited)

Net sales (in millions)

June 28, 2014

June 29, 2013

$ Change

% Change

Rigid Open Top

$

820

$

828

$

(8

)

(1

)%

Rigid Closed Top

1,073

1,036

37

4

%

Rigid Packaging

1,893

1,864

29

2

%

Engineered Materials

1,081

1,030

51

5

%

Flexible Packaging

674

549

125

23

%

Total net sales

$

3,648

$

3,443

$

205

6

%

Capital Structure and Adjusted Free Cash FlowAt the close
of the June 2014 quarter, the ratio of net debt of $3,910 million to LTM
Adjusted EBITDA of $835 million was 4.7x. The Company’s LTM Adjusted
free cash flow was $291 million.

June 28,2014

September 28,2013

(in millions)

(Unaudited)

Term Loans

$

2,511

$

2,522

Revolving line of credit

39

—

5½% Second Priority Notes

500

—

9¾% Second Priority Notes

800

800

Retired debt

—

518

Debt discount, net

(20

)

(8

)

Capital leases and other

125

114

Total debt

$

3,955

$

3,946

Less: Cash and cash equivalents

(45

)

(142

)

Net debt

$

3,910

$

3,804

Outlook“We are reconfirming our guidance of $270 million of
adjusted free cash flow for fiscal 2014 and anticipate our September
2014 quarter Operating EBITDA to exceed the prior year quarter by more
than 10 percent and exceed our previous record for any quarterly period.
We expect to achieve these results based on our assumption that demand
will remain similar to the June ending quarter, which is consistent with
what we have experienced thus far in the quarter. Recent acquisitions,
our restructuring actions, the non resin related price increases we
implemented, and our ongoing cost savings plans are all currently
expected to have a positive impact on our financial results in the
September 2014 quarter,” said Rich.

Investor Conference CallThe Company will host a conference
call today, August 1, 2014, at 10 a.m. Eastern Time to discuss its third
quarter fiscal 2014 results. The telephone number to access the
conference call is (866) 244-4530 (domestic), or (703) 639-1173
(international), conference ID 1639865. The call will last approximately
one hour. Interested parties are invited to listen to a live webcast by
visiting the Company’s Investor Relations page at www.berryplastics.com.
A replay of the conference call can also be accessed on the Investor
Relations page of the website beginning August 1, 2014, at 2 p.m.
Eastern Time, to August 9, 2014, by calling (888) 266-2081 (domestic),
or (703) 925-2533 (international), access code 1639865.

About Berry PlasticsBerry Plastics Group, Inc. is a leading
provider of value-added plastic consumer packaging and engineered
materials delivering high-quality customized solutions to our customers
with annual net sales of over $4.6 billion in fiscal 2013. With world
headquarters in Evansville, Indiana, the Company’s common stock is
listed on the New York Stock Exchange under the ticker symbol BERY. For
additional information, visit the Company’s website at www.berryplastics.com.

Non-GAAP Financial MeasuresThis press release includes
non-GAAP financial measures such as Operating EBITDA, Adjusted EBITDA,
Adjusted net income per share and Adjusted free cash flow. A
reconciliation of these non-GAAP financial measures to comparable
measures determined in accordance with accounting principles generally
accepted in the United States of America (GAAP) is set forth at the end
of this press release.

Forward Looking StatementsStatements in this release
that are not historical, including statements relating to the expected
future performance of the Company, are considered “forward looking” and
are presented pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.You can identify
forward-looking statements because they contain words such as
“believes,” “expects,” “may,” “will,” “should,” “would,” “could,”
“seeks,” “approximately,” “intends,” “plans,” “estimates,” “anticipates”
“outlook,” or “looking forward,” or similar expressions that relate to
our strategy, plans or intentions.All statements we make
relating to our estimated and projected earnings, margins, costs,
expenditures, cash flows, growth rates and financial results or to our
expectations regarding future industry trends are forward-looking
statements.In addition, we, through our senior management, from
time to time make forward-looking public statements concerning our
expected future operations and performance and other developments.These
forward-looking statements are subject to risks and uncertainties that
may change at any time, and, therefore, our actual results may differ
materially from those that we expected.

Important factors that could cause actual results to differ
materially from our expectations, which we refer to as cautionary
statements, are disclosed under “Risk Factors” and elsewhere in our
Annual Report on Form 10-K and subsequent filings with the Securities
and Exchange Commission, including, without limitation, in conjunction
with the forward-looking statements included in this release.All
forward-looking information and subsequent written and oral
forward-looking statements attributable to us, or to persons acting on
our behalf, are expressly qualified in their entirety by the cautionary
statements.Some of the factors that we believe could affect our
results include:(1) risks associated with our substantial
indebtedness and debt service; (2) changes in prices and availability of
resin and other raw materials and our ability to pass on changes in raw
material prices on a timely basis; (3) performance of our business and
future operating results; (4) risks related to our acquisition strategy
and integration of acquired businesses; (5) reliance on unpatented
know-how and trade secrets; (6) increases in the cost of compliance with
laws and regulations, including environmental, safety, and production
and product laws and regulations; (7) risks related to disruptions in
the overall economy and the financial markets may adversely impact our
business; (8) catastrophic loss of one of our key manufacturing
facilities, natural disasters, and other unplanned business
interruptions; (9) risks of competition, including foreign competition,
in our existing and future markets;(10) general business and economic
conditions, particularly an economic downturn; (11) the ability of our
insurance to cover fully our potential exposures; (12) risks that our
restructuring programs may entail greater implementation costsor
result in lower costs savings than anticipated, and (13) the other
factors discussed in the under the heading “Risk Factors” in our Annual
Report on Form 10-K and subsequent filings with the Securities and
Exchange Commission.

We caution you that the foregoing list of important factors may not
contain all of the material factors that are important to you.Accordingly,
readers should not place undue reliance on those statements.All
forward-looking statements are based upon information available to us on
the date of this release.We undertake no obligation to publicly
update or revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise required by
law.

Berry Plastics Group, Inc.

Consolidated Statements of Operations

(Unaudited)

(in millions, except per share data)

Quarterly Period Ended

Three Quarterly Periods Ended

June 28,2014

June 29,2013

June 28,2014

June 29,2013

Net sales

$

1,298

$

1,221

$

3,648

$

3,443

Costs and expenses:

Cost of goods sold

1,089

998

3,076

2,829

Selling, general and administrative

85

78

244

230

Amortization of intangibles

26

27

77

81

Restructuring and impairment charges

15

1

28

7

Operating income

83

117

223

296

Debt extinguishment

33

—

35

64

Other income, net

(2

)

(2

)

(3

)

(6

)

Interest expense, net

56

57

168

188

Income (loss) before income taxes

(4

)

62

23

50

Income tax expense (benefit)

(19

)

22

(10

)

19

Consolidated net income

15

40

33

31

Net income attributable to noncontrolling interests

—

—

—

—

Net income attributable to the Company

$

15

$

40

$

33

$

31

Comprehensive income

$

12

$

45

$

28

$

34

Net income per share:

Basic

$

0.13

$

0.35

$

0.28

$

0.27

Diluted

0.12

0.33

0.27

0.26

Weighted-average number of shares outstanding: (in thousands)

Basic

117,304

114,132

116,609

112,839

Diluted

121,477

120,551

120,812

118,708

Berry Plastics Group, Inc.

Condensed Consolidated Balance Sheets

(in millions)

June 28,2014

September 28,2013

(Unaudited)

Assets:

Cash and cash equivalents

$

45

$

142

Accounts receivable, net

523

449

Inventories

665

575

Other current assets

275

171

Property, plant and equipment, net

1,406

1,266

Goodwill, intangibles assets and other long-term assets

2,505

2,532

Total assets

$

5,419

$

5,135

Liabilities and stockholders' deficit

Current liabilities, excluding debt

798

613

Current and long-term debt

3,955

3,946

Other long-term liabilities

784

772

Non-controlling interest

12

—

Stockholders’ deficit

(130

)

(196

)

Total liabilities and stockholders' deficit

$

5,419

$

5,135

Berry Plastics Group, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in millions)

Three Quarterly Periods Ended

June 28,2014

June 29,2013

Net cash from operating activities

$

370

$

297

Cash flows from investing activities:

Additions to property, plant and equipment

(172

)

(179

)

Proceeds from sale of assets

5

5

Acquisitions of businesses, net of cash acquired

(225

)

(24

)

Net cash from investing activities

(392

)

(198

)

Cash flows from financing activities:

Proceeds from long-term borrowings

1,664

1,391

Repayment of long-term borrowings

(1,675

)

(1,968

)

Repayment of note receivable

—

2

Proceeds from issuance of common stock

13

21

Debt financing costs

(44

)

(39

)

Payment of tax receivable agreement

(32

)

(5

)

Proceeds from initial public offering

—

438

Net cash from financing activities

(74

)

(160

)

Effect of exchange rate changes on cash

(1

)

(1

)

Net change in cash and cash equivalents

(97

)

(62

)

Cash and cash equivalents at beginning of period

142

87

Cash and cash equivalents at end of period

$

45

$

25

Berry Plastics Group, Inc.

Condensed Consolidated Financial Statements

Segment Information

(Unaudited)

(in millions)

Quarterly Period Ended

Three Quarterly Periods Ended

June 28,2014

June 29,2013

June 28,2014

June 29,2013

Net sales:

Rigid Open Top

$

303

$

312

$

820

$

828

Rigid Closed Top

381

370

1,073

1,036

Rigid Packaging

$

684

$

682

$

1,893

$

1,864

Engineered Materials

371

351

1,081

1,030

Flexible Packaging

243

188

674

549

Total

$

1,298

$

1,221

$

3,648

$

3,443

Operating income:

Rigid Open Top

$

1

$

35

$

20

$

95

Rigid Closed Top

38

43

101

97

Rigid Packaging

$

39

$

78

$

121

$

192

Engineered Materials

33

31

90

88

Flexible Packaging

11

8

12

16

Total

$

83

$

117

$

223

$

296

Depreciation and amortization:

Rigid Open Top

$

23

$

23

$

70

$

68

Rigid Closed Top

33

33

93

98

Rigid Packaging

$

56

$

56

$

163

$

166

Engineered Materials

19

18

56

53

Flexible Packaging

16

12

42

39

Total

$

91

$

86

$

261

$

258

Restructuring and impairment charges:

Rigid Open Top

$

11

$

—

$

13

$

1

Rigid Closed Top

—

—

1

3

Rigid Packaging

$

11

$

—

$

14

$

4

Engineered Materials

2

1

6

2

Flexible Packaging

2

—

8

1

Total

$

15

$

1

$

28

$

7

Other operating expenses:

Rigid Open Top

$

14

$

2

$

33

$

6

Rigid Closed Top

5

1

13

7

Rigid Packaging

$

19

$

3

$

46

$

13

Engineered Materials

1

1

4

4

Flexible Packaging

3

—

13

3

Total

$

23

$

4

$

63

$

20

Operating EBITDA:

Rigid Open Top

$

49

$

60

$

136

$

170

Rigid Closed Top

76

77

208

205

Rigid Packaging

$

125

$

137

$

344

$

375

Engineered Materials

55

51

156

147

Flexible Packaging

32

20

75

59

Total

$

212

$

208

$

575

$

581

Berry Plastics Group, Inc.

Reconciliation Schedules

(Unaudited)

(in millions, except per share data)

Four Quarters

Quarterly Period Ended

Ended

June 28,2014

June 29,2013

June 28,2014

Net income

$

15

$

40

$

59

Add: interest expense

56

57

224

Add: income tax expense (benefit)

(19

)

22

(1

)

EBIT (1)

$

52

$

119

$

282

Add: depreciation and amortization

91

86

344

Add: restructuring and impairment

15

1

35

Add: extinguishment of debt

33

—

35

Add: other expense

21

2

73

Operating EBITDA (1)

$

212

$

208

$

769

Add: pro forma acquisitions

6

28

Add: unrealized cost savings

5

38

Adjusted EBITDA (1)

$

223

$

835

Cash flow from operating activities

$

120

$

132

$

537

Additions to property, plant, and equipment, net

(54

)

(69

)

(214

)

Tax receivable agreement payment

—

—

(32

)

Adjusted free cash flow (1)

$

66

$

63

$

291

Net income per share-diluted

$

0.12

$

0.33

Restructuring and impairment charges (net of tax)

0.08

0.01

Loss on extinguishment of debt (net of tax)

0.19

—

Other expense (net of tax)

0.12

0.01

Adjusted net income per diluted share (1)

$

0.51

$

0.35

(1)Supplemental financial measures that are
not required by, or presented in accordance with, accounting principles
generally accepted in the United States (“GAAP”). These non-GAAP
financial measures should not be considered as alternatives to operating
or net income or cash flows from operating activities, in each case
determined in accordance with GAAP. These non-GAAP financial measures
are among the indicators used by management to measure the performance
of the Company’s operations, and also among the criteria upon which
performance-based compensation may be based. Adjusted EBITDA also is
used by our lenders for debt covenant compliance purposes. We use
Adjusted Free Cash Flow as a measure of liquidity because it assists us
in assessing our company’s ability to fund its growth through its
generation of cash. Our projected Adjusted Free Cash flow for fiscal
2014 assumes $532 million of cash flow from operations less $230 million
of net additions to property, plant, and equipment and $32 million of
payment under our tax receivable agreement.

Similar non-GAAP financial measures may be calculated differently by
other companies, including other companies in our industry, limiting
their usefulness as comparative measures. Because of these limitations,
you should consider the non-GAAP financial measures alongside other
performance measures and liquidity measures, including operating income,
various cash flow metrics, net income and our other GAAP results.